Hitachi bosses have voted to continue talks over the Wylfa nuclear plant after assessing the UK government’s conditions.
The £20bn project has taken a big step forwards, after the Japanese conglomerate agreed to a tripartite investment structure under which Hitachi, the UK government and state-backed Japanese entities would become equal investment partners.
The formal agreement to invest in construction of the plant will not take place until next year, following financial considerations including capital cost and investment return reports.
Hitachi is also seeking to absolve itself of financial responsibility for any accidents at the proposed nuclear power station, which could delay the deal going ahead, according to reports in Japanese newspaper Nikkei.
The decision came as a group of anti-nuclear campaigners travelled to Japan to urge the UK government to withdraw support for a nuclear power station on Anglesey.
A petition against the Wylfa Newydd nuclear plant signed by almost 6,000 people was handed to Japan’s Ministry of International Trade and Industry on the eve of Hitachi’s board meeting.
Earlier this month, Hitachi chairman Hiroaki Nakanishi met with prime minister Theresa May to ask for government funding for its proposed nuclear plant in Anglesey.
The firm has already spent £2bn on Horizon, which includes developing a nuclear power station at Wylfa.
The 2.9 gigawatt power station is due to start generating electricity in the mid-2020s.
The developers behind Wylfa Newydd nuclear power plant have put forward proposals to clear around 121ha at the Welsh site.